IDT Stockholders Approve Planned Merger With Japan's Renesas Electronics

(RTTNews) - Integrated Device Technology, Inc. or IDT (IDTI), a supplier of high-performance system-level analog/mixed-signal semiconductors, announced late Tuesday that its stockholders voted to adopt the Agreement and Plan of Merger between IDT and Renesas Electronics Corp., a Japanese supplier of advanced semiconductor solutions.

The voting was conducted at the company's special meeting of stockholders held on January 15.

Approximately 99% of all votes cast voted in favor of the adoption of the merger agreement, representing approximately 82% of all outstanding shares as of November 23, 2018, the record date for the special meeting.

Closing of the transaction remains subject to customary closing conditions and remaining regulatory approvals.

On December 21, 2018, IDT reported that the Committee on Foreign Investment in the United States or CFIUS review regarding national security concerns relating to the merger was underway and the initial 45-day review period would conclude by January 2, 2019.

Due to the U.S. government shutdown that commenced in December 2018, this review period has been tolled pursuant to section 1709 of the Foreign Investment Risk Review Modernization Act of 2018, and will resume following the resumption of operations by the relevant U.S. government agencies.

Both companies have already received regulatory antitrust approval for the proposed transaction from China, Germany, Hungary, and Korea.

In Japan, Renesas shares were trading at 566 Japanese yen, down 2.8 percent.